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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income (loss) $ 1,198 $ (321)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation, amortization and other non-cash items 132 177
Net (gains) losses on investments and derivatives 164 (14)
Pension and other postretirement remeasurement (gains) losses (2) (53)
Changes in:    
Policy benefits and other insurance reserves 323 1,080
Unearned premiums 267 199
Deferred policy acquisition costs (12) (29)
Premium installment receivables, net (549) (317)
Reinsurance recoverables, net 82 91
Income taxes 217 (125)
Other operating assets and liabilities (154) (87)
Net cash provided by operating activities 1,666 601
Proceeds from sales    
Fixed income securities 6,719 7,008
Equity securities 500 3,739
Limited partnership interests 130 414
Other investments 84 55
Investment collections    
Fixed income securities 538 646
Mortgage loans 7 22
Other investments 6 25
Investment purchases    
Fixed income securities (9,592) (8,424)
Equity securities (430) (1,187)
Limited partnership interests (237) (226)
Mortgage loans 0 (41)
Other investments (40) (73)
Change in short-term and other investments, net 966 (2,675)
Purchases of property and equipment, net (41) (79)
Proceeds from sale of property and equipment 18 0
Net cash used in investing activities (1,372) (796)
Cash flows from financing activities    
Proceeds from issuance of debt 0 744
Redemption and repayment of debt 0 (250)
Contractholder fund deposits 34 33
Contractholder fund withdrawals (8) (9)
Dividends paid on common stock (233) (224)
Dividends paid on preferred stock (29) (26)
Treasury stock purchases 0 (153)
Shares reissued under equity incentive plans, net 80 6
Other (10) 0
Net cash (used in) provided by financing activities (166) 121
Net increase (decrease) in cash 128 (74)
Cash at beginning of period 722 736
Cash at end of period $ 850 $ 662